Bitcoin Recovers By 16%, Bitcoin Cash and Ripple Follow

Bitcoin is the most popular and the most discussed name when it comes to the world of cryptocurrencies. The first ever cryptocurrency, BTC slowed down for a while over the past few weeks – but has now made a good recovery as it gained over 16% in the last 12 hours. Following this growth, Bitcoin Cash and Ripple too, rebounded a little as their market volumes as well as prices increased.

Ripple has once again crossed the $100 Billion mark when it comes to the total market cap. Bitcoin Cash too, witnessed a surge in the prices as it crossed the $2500 mark and reached $2700 – where it is expected to meet it’s next major resistance. Of late it has been observed that BTC is taking stable and small jumps.

Following the fall in the prices, BTC fell by over $7000. It has since shown slow and stable signs of growth as it remained at $13000s for a few days before making the jump to $15000 late yesterday. This jump in the Bitcoin prices was reportedly due to the news of Facebook investor Peter Thiel having invested in the currency. Theil invested about $15 to $20 Million a few months ago, which are reportedly worth hundreds of Millions now.

Reports from Japan suggest that the rise in BTC would help increase Japan’s consumer spending by about $855 Million. Along with the boom in Bitcoin, BCH and XRP too are growing at almost the same percentage. The total market cap is on an ever-increasing spree and has now reached $668 Billion.

It can now be safe to say that the markets have ‘recovered’ from the correction that took place a couple of weeks ago which led to the crash in the prices of Bitcoins. However, as Bitcoin rises, a number of other altcoins have begun to go red. It will be interesting to see where the markets head from here.